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| Obama's 'spend, spend, spend' budget will bankrupt America, warns top Republican |
| 2009-03-23 |
| Posted by:tipper |
| #9 Expect moves toward a global currency, likely the World Bank's Special Drawing Rights. Although a currency not backed by a state and the revenues of a state will be a disaster because no one has any incentive to maintains its value, which is the point of a currency (otherwise we would all just barter). |
| Posted by: phil_b 2009-03-23 16:55 |
| #8 Global currency? Somebody remind me about what the Book of Revelation says about the Antichrist. I think I see a pattern developing ... |
| Posted by: Bobby 2009-03-23 12:03 |
| #7 They would love to bankrupt the US. That is what Kyoto was about. Now they're getting a taste of the consequences before they had contingency plans in place. Hope they enjoy the next decade treading water without the life preserver. |
| Posted by: Procopius2k 2009-03-23 11:04 |
| #6 I'm not convinced either, Beso. There are a lot of calls for a new global currency from all the regular nutjobs to the World Bank. They would love to bankrupt the US. |
| Posted by: Thealing Borgia122 2009-03-23 10:53 |
| #5 Darth I think phil is correct here. The big problem here will be inflation driven by trillions of dollars of deficits. I lived through Jimmuh's disaster when those on a fixed income were clobbered by inflation rates of 10%. Now I'm the one on the fixed income as a "coerced" early retiree thanks to the crash of the economy. Despite saving as much as possible for the last 30 years I'll be in deep sneaks in a couple of years. |
| Posted by: AlanC 2009-03-23 10:50 |
| #4 Bankrupt, no. Deflation and a long global depression, yes. |
| Posted by: DarthVader 2009-03-23 09:57 |
| #3 I watched the clueless, moonbat Romer's hog jowls flapping vigorously yesterday. I am not at all convinced. |
| Posted by: Besoeker 2009-03-23 07:30 |
| #2 Ration card is a ration card, phil_b. |
| Posted by: g(r)omgoru 2009-03-23 04:42 |
| #1 Technically the only way a country can go bankrupt is by issuing debt in a currency other than its own (and then being unable to repay the debt), which the USA is unlikely to ever do. The outcome will be hyper-inflation rather than bankruptcy as the government cranks up the printing presses to pay its bills. |
| Posted by: phil_b 2009-03-23 01:00 |